During the Great Recession, some of the most depressed areas of the United States suffered from a scarcity of jobs and a dying real estate market. Since then, many parts of America have rebounded, and South Florida is no exception. Statistics show that now is a prime time for developers and real estate buyers to take advantage of commercial real estate opportunities in the Sunshine State.
According to the Federal Reserve Bank, South Florida has a strong real estate market as well as continued job growth. In fact, the outlook for this part of the state appears to be more promising than that of the rest of the southeastern part of the United States. In addition, the national unemployment rate is 6.7 percent, while that of Florida is 6.2 percent.
Miami, in particular, is attracting investors due to its status as an international city and its unique offerings. The state of Florida also is known for its warm weather, which gave it an advantage during this past winter's harsh weather across the rest of the country. This has further helped to boost economic activity in the state.
With the potential being strong for promising real estate opportunities in Florida, companies may be eager to dive in without paying close attention to the details of their commercial real estate transactions. It may be necessary to navigate complex matters, such as those involving taxes and banking. In addition, effective negotiation often is necessary to successfully complete a transaction. Knowing the law and applicable procedures may help a person to thrive in his or her next real estate deal in Florida.
Source: Miami Herald, "Miami's economy outpacing rest of Southeast", Evan S. Benn, April 2, 2014